The Dow Jones Industrial Average was trading higher by over 200 points, or 0.76%, while the S&P 500 and the Nasdaq Composite were higher by 1.2% and 1.5%, respectively.
The gains comes after data showed new home sales rose 21% month over month in March to their highest level since 2006 and as business activity expanded at its fastest pace on record. The major averages on Thursday suffered their steepest declines in over a month following on fears that Biden will propose raising the capital gains tax to as high as 43.4% for the wealthiest Americans.
Ticker Security Last Change Change % INTC INTEL CORP. 59.42 -3.15 -5.04%
In stocks, Intel Corp. CEO Patrick Gelsinger said the global chip shortage that has been causing supply-chain problems for products ranging from electronics to automobiles could last another two years.
Ticker Security Last Change Change % HON HONEYWELL INTERNATIONAL, INC. 224.30 -4.66 -2.04%
Fellow Dow component Honeywell International Inc. raised its full-year outlook amid strong demand for its automation equipment. Both quarterly profit and sales topped analysts’ expectations.
Ticker Security Last Change Change % AXP AMERICAN EXPRESS CO. 144.45 -2.75 -1.87%
Rounding out the Dow, American Express Co. beat on both the top and bottom line, helped by the release of $1 billion the company set aside to cover potential losses due to COVID-19.
Ticker Security Last Change Change % SNAP SNAP, INC. 58.84 +1.66 +2.90%
Snap Inc. reported daily active users jumped 22% last quarter to 280 million, exceeding Wall Street estimates. The social-media company forecast a loss of up to $20 million in the current quarter, but also said it could break even.
Elsewhere, McDonald's announced plans to hire 8,000 workers in Tennessee.
Ticker Security Last Change Change % MCD MCDONALD’S CORP. 234.78 +1.72 +0.74%
In commodities, West Texas Intermediate crude oil added 70 cents to $62.13 per barrel and gold fell $10 to $1,772 an ounce.
Overseas markets were mixed.
Germany's DAX 30 paced the decline in Europe, trading down 0.46%, while Britain's lost 0.16% and France’s CAC 40 was weaker by 0.23%.
In Asia, Japan’s Nikkei 225 dropped 0.57% while China’s Shanghai Composite index and Hong Kong’s Hang Seng index climbed 0.26% and 1.12%, respectively.